Ebix Announces First Quarter 2013 Results

ATLANTA, May 10, 2013 (GLOBE NEWSWIRE) -- Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today reported results for the fiscal first quarter ended March 31, 2013.

Ebix delivered the following results for the first quarter of 2013:

Revenues: Total Q1 2013 revenue was $52.6 million, an increase of 20% on a year-over-year basis, as compared to Q1 2012 revenue of $43.8 million.

Earnings per Share: Q1 2013 diluted earnings per share rose 13% year-over-year to $0.45, as compared to $0.40 in the first quarter of 2012. For purposes of the Q1 2013 EPS calculation, there was an average of 38.8 million diluted shares outstanding during the quarter, as compared to 39.5 million diluted shares outstanding in Q1 2012.

Operating Cash: Cash generated from operations Q1 2013 was $14.3 million, up 5% year-over-year as compared to $13.7 million in Q1 2012.

Margins: Operating margins for Q1 2013 were lower at 37% as compared to 42% for Q1 2012. The operating margins in Q1 2013 were impacted by the Company incurring certain onetime legal and travel costs associated with the recently announced merger with an affiliate of Goldman Sachs, and the impact of lower initial operating margins from some of the businesses acquired in 2012, as compared to our existing operations. Furthermore, in Q1 of 2012, the Company realized a net benefit in the approximate amount of $971 thousand related to a termination fee received by the Company in connection with a failed business acquisition.

Diversified Revenue Base: Ebix continued to have highly diversified revenue streams across thousands of clients, with the largest client accounting for only 2.5% of the Company's Q1 2013 revenues.

Channel Revenues: The Exchange channel continued to be the largest channel for Ebix accounting for 79% of the Company's Q1 2013 Revenues as compared to 79% in Q1 2012.

(dollar amounts in thousands)

Three Months Ended

March 31,

Channel

2013

2012

% Change

Exchanges

$41,686

$34,646

20%

Broker Systems

4,722

4,754

0%

Business Process Outsourcing ("BPO")

4,164

3,571

17%

Carrier Systems

1,994

856

133%

Total Revenue

$52,566

$43,827

23%

Net Income: Q1 2013 net income was $17.3 million, an 11% increase on a year-over-year basis, as compared to Q1 2012 net income of $15.7 million.

Q2 2013 Diluted Share Count: As of today, the Company expects the diluted share count for Q2 2013 to be approximately 38.8 million.

About Ebix, Inc.

A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc., (Nasdaq:EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and BPO services to custom software development for all entities involved in the insurance industry.